Hello,
For the financial requirement for a self-employed sole trader, will that be determined by net income or taxable income?
My sponsor is working in Japan, which has a basic deduction that all taxpayers are eligible for. We subtract that basic deduction from the net income to get his taxable income. Should we be excluding that basic deduction when we determine if he meets the financial requirements for the visa?
I'm unsure because in FM 1.7, it mentions "the income will be the gross taxable profits from their share of the business in the relevant financial year(s), not including any deductable allowances, expenses or liabilities which may be applied to the gross taxable profits to establish the final tax liability."
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